Champagne supplies are running low, but inventory should recover as the holiday season approaches.
- Since the pandemic subsided, the champagne market has been buzzing.
- Champagne lovers flocked to buy the drink—and now it’s running out of stock.
- Moet Hennessy is running out of champagne as the new year approaches, which is a big holiday for the drink, but the company is expecting supply to be back in stock before the holiday season.
Why it’s news
As restrictions from the COVID-19 pandemic have subsided, many people flocked to stores to buy champagne so much so that there is now a shortage of the bubbly drink.
Moët Hennessy is running out of champagne and the company has called the shortage the “roaring 20s.”
“We are running out of stock,” says Moët Hennessy CEO Philippe Schaus.
The slump in stock comes as the New Year approaches—a huge day for champagne sales. Champagne contributed to 17.36% of alcohol sales in America on New Year’s Eve in 2021, according to Forbes.
The drink is typically the top chosen for the holiday with around 360 million glasses consumed.
Don’t worry yet—Moët Hennessy says good news is ahead as the company expects to have its stock fully replenished before the holiday season.
The market has been up since the pandemic and looks to continue rising in the coming years.
The Global Champagne Market was valued at $6.11 billion in 2021, and is expected to reach a value of $9.3 billion by 2028, according to BusinessWire.